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Hi
I need a RSI indicator that generates alert whenever it
touches any of the levels indicated. It should work in MT4.
Requirements:
1) It should be able to work on offline charts like Renko chart.
2) It should generate an alert whenever RSI chart touches
the lower level only if it previously touched the up level. It should generate an alert whenever RSI chart
touches the upper level only if it previously touched the lower level.
Inputs:
1) Up level. Ex: 70 0r 65
2) Down level. Ex: 30 or 40
3) RSI period
4) Option to generate pop up alert
5) Option to generate sound alert
Explanation
Everybody knows RSI has the problem of giving up a lot of
false signals. My system is based primarily on signals from RSI. After studying and observing this chart for a
long time, I noticed every time it touches let’s say the 70 level after it
previously has touched the 30 level, the market tends to have a good
retracement and reversal. So I will not make any trade if RSI touches the 70
level successively. The image attached should explain my point further.
So RSI will generate alert
on 70 level only if
previously was 30 and
on 30 level only if previously was 70
alternatively.
This experimental indicator should hopefully help me avoid
getting into highly trending markets.
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